Section 11Part 3 — Account Adjustments
Participant contribution account
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The Administrator shall maintain a participant contribution account on the books of the Fund for each participant who is an active participant, and for each retired and deferred vested participant under the prior Law who made contributions under the prior law and who is entitled to a scheduled benefit under the Plan pursuant to this Law and for any beneficiary of a deceased participant, for so long as the Plan maintains an obligation to pay to or on behalf of such participant or beneficiary a benefit under this Law.
The Administrator shall determine a participant contribution account balance as at 31st December, 2004 for each participant described in subsection (1) who made contributions under the prior law.
The participant contribution account balance shall include all participant contributions paid into the Public Service Pensions Fund prior to this Law, plus any interest credited to such contributions, minus distributions, if any, made to or on behalf of the participant prior to the date of commencement which were attributable to the participant contributions.
The Administrator shall make adjustments to each participant contribution account balance at such times and in such manner as specified in this Part.
Defined Terms
Administratorparticipant contribution accountFundactive participantretired and deferred vested participantscheduled benefitbeneficiarypensionable earnings
Referenced By
- Section 2 — Definitions
credited rate of return definition references section 11(2)
- Section 14 — Accounts adjustment dates
participant or beneficiary described in section 11(1)